Capitalism

Paper Summary:

This paper provides an insight into capitalism, which, in its simplest form, has been around since the beginning of humanity, but modern economic thought has only emerged and developed since the seventeenth and eighteenth centuries. It discusses the beginning of capitalism - from the putting out system to Adam Smith to present day economists and principles and it explores the phases from complete absolutism to complete capitalism to the mixed economy in most countries today. It looks at how it has shaped the world and America into what it is today, triumphed over communism and how capitalism, also called a market or free enterprise economy, has changed and evolved with history to become the best economic system in the world.

From the Paper:

"The next major change in economic thought was brought about by Adam Smith, a Scottish professor who was the first to scientifically describe the principles of economics (Clayton 18). He basically agreed with the ideas of the Physiocrats, but he felt that more classes could be successful than just the agricultural class. His main belief was that pursuing private gain, rather than the gain of the state, could actually benefit the entire society ("Capitalism"). His book, Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776, explained several new concepts (McKay, Buckler, Hill 655)."

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